Orlando Culinary Academy occupies 101,000 sf in the building; Banco Popular leases the remaining 31,193 sf. Both tenants are on 15-year leases. The property is at 8511 and 8523 Commodity Circle in south Orlando. Reid and Stein, in partnership with DRA Advisors of New York, acquired Lincoln Park from Austin, TX-based Simmons Vedder Co. when it was 23% leased. The Reid-Stein-DRA transactional name of record is G&I-111 Lincoln Park LLC. Ron Rogg of CB Richard Ellis Inc. negotiated the sale for Tower Realty. The buyer represented himself.
Flipping properties for mega-sized returns is nothing new to Berman and Stein. In June, the partners sold a 30-year-old, 71,000-sf, 100%-leased office building to foreign buyers Azzan OCP Inc. for $10 million, or $76.05 per sf, after acquiring the property for approximately $4.3 million, or $59.85 per sf, and investing nearly $1.2 million in renovations. That transaction equated to a $100% return on investment for the partners. Reid and Stein had bought the two-story building at 6039 S. Rio Grande Dr. in early 2003.
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